BPMG joins XPLA as validator

Dunamu’s Q1 Revenue Drops 28.6% Amid Global Liquidity ContractionDunamu, the operator of Upbit, a major cryptocurrency exchange in South Korea, announced today the release of its Q1 2023 report.Photo by Tiger Lily on PexelsDeclining revenueAccording to the Data Analysis, Retrieval and Transfer System (DART) of the Financial Supervisory Service (FSS), Dunamu’s consolidated sales revenue for the first quarter of 2023 was 304.8 billion KRW ($231.3 million). This figure represents a 28.6% decrease from 426.8 billion KRW ($323.9 million) recorded during the same period last year. Additionally, its operating income declined by 26.3% to 211.9 billion KRW ($160.8 million) from 287.8 billion KRW ($218.4 million). However, its net income showed an increase of 54.9%, reaching 326.3 billion KRW ($247.6 million).Global liquidity contractionDunamu attributed the decline in revenue to several factors, including the ongoing global liquidity contraction, economic downturn, and reduced investor confidence. These factors collectively impacted the company’s financial performance during the first quarter of 2023. On a positive note, Dunamu linked the net income increase to the recovery and upward movement of digital asset prices in comparison to the previous quarter.Established in April 2012, Dunamu has enjoyed noticeable growth by offering a range of services related to digital assets, securities, and asset management. In recent years, it has been tapping into new technology trends like non-fungible tokens (NFTs) and metaverses to adapt to the era of Web3 and enhancing transaction security and convenience for valuable assets.As a company with a shareholder base exceeding 500, Dunamu has been disclosing its business reports as well as quarterly and semiannual reports since 2022 in line with the Korean Capital Markets Act’s requirements.

KuCoin Dismisses Notion of a Layoff PlanAmidst recent rumors of significant layoffs at Seychelles-based cryptocurrency exchange KuCoin, the company’s CEO has come forward to deny any such plans.While not refuting the possibility of staff reductions, KuCoin’s CEO, Johnny Lyu, took issue with the term “layoffs,” asserting that it was a reevaluation of the organization’s structure rather than job terminations. The speculations about staff cuts were first reported by Colin Wu of Wu Blockchain on Twitter.Photo by Joao Viegas on UnsplashAlleged 30% workforce reductionAccording to his sources, KuCoin was planning to layoff around 30% of its workforce, attributing the alleged measure to a strict know-your-customer (KYC) policy that had impacted the firm’s profits.The KYC policy in question was introduced after KuCoin faced legal action from the United States. In March, the New York Attorney General accused the exchange of violating securities and commodities laws, leading to the implementation of the more stringent KYC measures.Routine bi-annual appraisalsInstead, Lyu has clarified that any adjustments to the company’s headcount were a result of routine bi-annual appraisals aimed at maintaining competitiveness in the market.Taking to Twitter on Tuesday, Lyu referred to the layoff reports as “rumors.” He emphasized that the company regularly evaluates its organizational structure based on employee performance and overall company development to ensure dynamism and competitiveness.The Kucoin CEO pointed to a recent report issued by the company as evidence of the exchange’s ongoing growth. The report revealed that the firm had added 300 new employees in the first half of the year. It also mentioned that KuCoin was in the process of upgrading its KYC authentication systems to enhance user asset security, comply with global compliance requirements, and create a safer trading environment.Despite the speculation and policy changes, KuCoin ranks 11th in terms of “trust score” among other exchanges, according to CoinGecko. Over the past day, the exchange notched up an impressive $327 million in trading volume.KYC policy changeRecently, KuCoin updated its KYC policy, requiring newly registered users to complete the KYC process to access the exchange’s products and services. Existing registered users who had not completed KYC by the deadline faced restrictions on their accounts, limiting certain activities but allowing fund withdrawals.The update to the KYC policy had a notable impact on KuCoin’s trading volume. A day after the announcement, trading volume skyrocketed to $6.8 billion from the previous day’s $500 million, according to CoinGecko data.Lyu has pledged to continue investing in the company’s core businesses while providing users with the exceptional trading experience they’ve been promised.KuCoin may have dispelled rumors of widespread layoffs and clarified that any staff adjustments were part of routine organizational development. However, there’s no doubt that the crypto exchange business is going through a difficult period.Most exchanges have suffered due to regulatory pushback, particularly those that have focused their activities in the United States. Earlier this month, global exchange Binance cut 1,000 jobs with plans to make further cuts in the future.

One Store’s App Market to Support Polygon-Based dAppsSouth Korean native app market One Store said Friday that it has signed a memorandum of understanding (MOU) with Polygon Labs, the operator of the Polygon blockchain network, to provide robust support for Web3 games and decentralized applications (dApps) as part of its upcoming global service expansion.The signing ceremony for the MOU took place on Thursday at One Store’s headquarters in Seongnam, Gyeonggi Province. Peter Chun, CEO of One Store, and Marc Boiron, CEO of Polygon Labs, were in attendance.Polygon is a layer 2 scaling solution for Ethereum, with numerous domestic and international gaming companies already partaking in the Polygon ecosystem for a variety of purposes, such as Web3 game development and technological collaborations.Elevating user experienceThis new partnership is part of One Store’s efforts to offer enhanced choices for mobile users worldwide, setting its sights on overseas expansion and the creation of a global platform. With a focus on supporting Web3 games, the platform aims to cater to the blockchain gaming and app user base on an international scale, thus contributing to the expansion of the Web3 gaming ecosystem.Photo by Jonas Leupe on UnsplashAccording to the agreement, One Store will support marketing for Web3 games that have onboarded the Polygon platform, while Polygon Labs will encourage game developers that use its platform to enter One Store’s global market.“Through the upcoming global One Store platform, we will connect with users worldwide who are eagerly anticipating Web3 games and apps,” CEO Chun said.This marks a significant step towards the realization of a vibrant Web3 gaming and dApp landscape on a global scale. The collaboration is expected to bring about new opportunities and experiences for users seeking innovative and engaging digital content.Polygon’s collaboration with Korean industry leadersPolygon Labs has been teaming up with other Korean companies as well, including the telecommunications giant SK Telecom, in efforts to further nurture the ever-growing Web3 ecosystem.